Hi everyone - I am wondering if there is a standard, up-to-date data source that provides local area and larger market real estate trends? For instance, house prices over time, rent prices over time, average days on market over time, demographic information over time, etc. Thanks for any advice!
Short answer: No.
There are too many markets, too many variables, too many goals for varied investors, etc. There are many sources that give a good look into variables in the market but you need to draw your own conclusions from the various sources. Zillow, for example, has a garbage zestimate but at least gets you into a ball park. Listsource gives you plenty of leads to filter through but 'everyone' uses that. Craigslist provides sketchy leads and lots of scams yet many deals are found this way.
It’s very hard to find all this data and you will have to use many sites.
I use zillow for basic data like some points that you’ve mentioned.
Thanks for the responses everyone! I have seen the Zillow estimates and have wondering about their accuracy... However, I haven't heard of Listsource, so I'll have to check that out to see if it can provide what I'm looking for.
On Zestimates, understand that their accuracy has more to do with the underlying data, like property type and location, then with the algorithm itself. So if you are looking at property in large subdivisions of homogeneous homes with lots of recent sales, a Zestimate (or any AVM) will be extremely accurate. If on the other hand you are looking at a unique property, or a property in an area where homes have a wide differences in quality of construction, location preferences, or where there are very few recent sales, they are going to be terribly inaccurate. If you understand that simple concept you'll quickly understand where you can rely on them, and where you can't.
Thanks, Sean. That makes a lot of sense. Appreciate the help.
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